A continuing need exists, when installing fasteners, to maintain the fastener in connection with the fastening tool until the fastener has been fastened. As a result of this continuing need, various types of magnetic keeper accessories have been devised for converting wrench sockets not equipped with magnetic fastener retaining mechanisms into wrench sockets equipped with magnetic fastener retaining mechanisms. Many of the approaches require installing a magnet at the bottom of the wrench socket through the use of clips, to entrap the magnet in place, or the use of an interference fit, accomplished by constructing the magnet from an elastomeric magnetic material or securing an elastomeric material to the magnetic material.
Positioning the magnetic material at the bottom of the wrench socket results in a magnetic keeper mechanism that pulls the fastener as far as possible into the wrench socket, and, thus, minimizes the extension of the fastener from the socket. Although minimal extension of the fastener from the wrench socket may not be a disadvantage in all fastening situations, there are situations, such as in a limited or confined area, where even a slightly greater extension of the fastener from the wrench socket can ease installation of the fastener. It would, therefore, be desirable to have a wrench socket that included a magnetic fastener retaining mechanism that allowed a user to position the fastener in selected position with respect to the wrench socket and that maintained the fastener in the user selected position through magnetic forces.